Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales Cost of goods sold $ 495,832 298,491 2020 $ 379,848 240,064 2019 $ 263,600 168,704 Gross profit 197,341 139,784 94,896 Selling expenses 70,408 52,419 34,795 Administrative expenses. 44,625 33,427 21,879 Total expenses 115,033 85,846 56,674 Income before taxes 82,308 53,938 38,222 Income tax expense Net income 15,309 11,057 7,759 $ 66,999 $ 42,881 $ 30,463 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital 2021 $ 57,934 2020 0 $ 38,776 400 98,327 107,593 $ 165,527 $ 137,503 2019 $ 51,834 3,320 58,767 $ 113,921 5,667 Retained earnings $ 24,167 69,000 8,625 63,735 $ 20,488 69,000 $ 19,936 51,000 37,318 Total liabilities and equity $ 165,527 $ 137,503 $ 113,921 8,625 39,390 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) Sales KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 % 2020 2019 % % % % %